Funds for JV to enter China's film sector
Source: Agencies |
August 23, 2011, Tuesday
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Print Edition
Print Edition
HOLLYWOOD production house Legendary Entertainment and a Chinese studio have raised US$220.5 million for the joint venture they've set up aimed at China's increasingly lucrative film market.
Legendary and Huayi Brothers Media Corp said in a statement late on Sunday that they're selling a 50 percent stake in the venture, Legendary East, to Hong Kong construction company Paul Y. Engineering.
Legendary Entertainment has produced hits, including "The Dark Knight," "Inception" and the two "Hangover" movies.
The Hong Kong-based joint venture, which was announced in June, plans to make one or two "major, event-style films" a year for worldwide audiences starting in 2013.
"With China's rapid economic growth and rich cultural background, this is a filmmaking marketplace on the rise," Legendary Entertainment Chairman Thomas Tull said in a statement.
Beijing-based Huayi Brothers will distribute the movies inside China while Warner Bros Pictures is expected to handle international distribution.
"We want to do globally appealing movies, so there will be a lot of elements involving East meets West," said Kelvin Wu, chief executive of Legendary East.
Recent Huayi releases include the hit Feng Xiaogang disaster epic "Aftershock," the kungfu drama "Shaolin" and the Tsui Hark fantasy epic "Detective Dee and the Mystery of the Phantom Flame." Its films accounted for 17 percent of China's box office in 2010.
Chinese box office takings surged 64 percent to US$1.5 billion last year.
Legendary and Huayi Brothers Media Corp said in a statement late on Sunday that they're selling a 50 percent stake in the venture, Legendary East, to Hong Kong construction company Paul Y. Engineering.
Legendary Entertainment has produced hits, including "The Dark Knight," "Inception" and the two "Hangover" movies.
The Hong Kong-based joint venture, which was announced in June, plans to make one or two "major, event-style films" a year for worldwide audiences starting in 2013.
"With China's rapid economic growth and rich cultural background, this is a filmmaking marketplace on the rise," Legendary Entertainment Chairman Thomas Tull said in a statement.
Beijing-based Huayi Brothers will distribute the movies inside China while Warner Bros Pictures is expected to handle international distribution.
"We want to do globally appealing movies, so there will be a lot of elements involving East meets West," said Kelvin Wu, chief executive of Legendary East.
Recent Huayi releases include the hit Feng Xiaogang disaster epic "Aftershock," the kungfu drama "Shaolin" and the Tsui Hark fantasy epic "Detective Dee and the Mystery of the Phantom Flame." Its films accounted for 17 percent of China's box office in 2010.
Chinese box office takings surged 64 percent to US$1.5 billion last year.
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